May & Baker’s profit rose by 215% in Q2

May & Baker Nigeria Plc said its profit before tax rose by 215 per cent to N139.5m in its half-year financial result of 2017, from N44.2m recorded in the corresponding period of 2016.

According to a statement obtained from the firm on Monday, the firm’s operating profit also rose by 57 per cent.

The firm said, “This margin derives from the 2017 half-year cumulative of N452.2m increase on the N287.8m returned same time last year. The analysis shows that revenue increased by 20.6 per cent from N3.7bn in 2016 to N4.5bn in 2017.

The firm said, figures released to the Nigerian Stock Exchange revealed that its operating expenses from distribution, sales and marketing was N510.83m in June last year.

It added that the statistic for the current period rose to N602.5 with a 17.9 per cent variance, and that its 2017 administrative cost decreased by three per cent to N298.8m from N309.5m in previous year.

In the statement, the company’s earnings per share which trended at 3.07kobo in June 2016, rose to 9.68kobo 12 months after, posting 215 per cent growth.